Obrela Security and Encode create the largest cybersecurity company in Greece

The largest cybersecurity company in Greece and one of the largest companies worldwide is created by the acquisition of Encode by Obrela Security Industries, a leading provider of security data analysis and cyber risk management services.

As announced at an online press conference, on 30/12 Obrela Security acquired all the shares of Encode, which operates successfully in the field of cybersecurity. The acquisition makes Obrela the largest cybersecurity service provider in Greece and one of the most important providers of Managed Detection and Response (MDR) services worldwide.

The acquisition of Encode creates a new dynamic scheme with an enhanced capital base, a consolidated turnover of 18 million euros, physical presence in five countries, high expertise, experienced human resources of 180 people as well as expanded international clientele. The upcoming consolidation of the two companies is expected to change the cybersecurity landscape and makes the unified scheme a vector of global innovation, capable of claiming new, larger market shares, yielding significant goodwill for customers, employees and shareholders.

George Patsis, CEO and co-founder of Obrela Security Industries, pointed out that the acquisition of Encode is an important milestone for Obrela and the cybersecurity industry in general.The future of the industry requires the joining of forces and operational synergies in order to effectively face the ever-changing market conditions, in an intensely competitive globalized, digital environment, which is evolving at a rapid pace. Together we are able to support even more dynamically and with focus our common mission, which is none other than to ensure the unhindered operation of customers’ business activities and effectively protect them from cyber threats in real time, he added. We seek the gradual and smooth combination of companies for the benefit of customers, investors and people of the companies. Our goal is not only to maintain but to strengthen human resources, following our international expansion strategy and creating 50 new niche jobs in 2022, he also said.

Obrela‘s founding executives, as well as its main shareholders, EOS Capital Partners and LATSCO Family Office, are satisfied with the excellent prospects offered by the new agreement, while they are committed to supporting the long-term development of the consolidated scheme and its future moves in the international market.

“We are very pleased that our investment in Obrela, one of the most growing companies in Greece, with a significant international presence, is evolving dynamically. The acquisition of Encode comes at the right time, as the pandemic has accelerated the digital transformation of businesses and governments and highlighted the need for cybersecurity. We seek to further accelerate Obrela’s growth trajectory and by extension to contribute dynamically to the cyberspace sector internationally.”, said Apostolos Tamvakakis, head of EOS Capital Partners.

“Having recently invested in Obrela, we were well aware that the cybersecurity industry internationally is in full development and reshaping with the consolidation of companies in the field being an obvious and intended development. Encode’s integration into Obrela serves this strategy and ensures significant economies of scale and complementarity in the provision of cybersecurity services for the unified scheme, sufficient size to create a sense of trust among its customers. At the same time, it becomes the preferred employer who can attract talented professionals in the field.”, stated Nikos Voutychtis, Chief Investment Officer of the Latsco Family Office in Greece.